Live: ASX the first major market to react to UBS's Credit Suisse takeover, coordinated central bank action

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Australia will be the first major financial centre to react to UBS's takeover of Credit Suisse. Follow the day's events and insights from our business reporters on the ABC News live markets blog.

While we write a lot about stock markets, the global trade in government and corporate bonds is much more significant.NAB's head of foreign exchange strategy Ray Attrill"Extreme bond market volatility was again present, globally, on Friday.

"The failure of the mid-week actions by the SNB and US regulators to shore up the likes of First Republic's or Credit Suisse's share prices more than monetarily, means that financial stability concerns and their potential implications for central bank policy contuse to drive strong demand for shorter dated government bonds.

"US 2-year notes lost 32bps Friday to 3.84%, down exactly 75bps [basis points] on the week. 10s [10-year US Treasury bonds] were down 15bps Friday to 3.43% for a weekly loss of 27bps. "This curve re-steepening in the last week or so is consistent with US recession starting about now, albeit nowhere to be seen in latest economy data."

 

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Would be nice to be bailed out every time my bank balance goes -ve

Good to see sanctions are working...

Bankruptcy of major banks is good news for stocks? We are about to walk off a cliff into the abyss of sovereign debt and insolvency. The end of the corrupt system of central banks has arrived.

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ASX won’t shit bed until the SP500 does. Australia only knows how to react to US markets.

Lol is this where my super drops to zero?

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